INDEX:S1TH S&P 100 Stocks Above 200-Day Average
Hello, yes overall it's bearish.The first thing I look for is candle stick patterns.The TRIX like most indicator is a lagging indicator. I like it because it's a smooth and it's very good at showing DIVERGENCES..Currently the TRIX is showing an up move but it does not react well to one bearish candle. On the other hand it's still below the mid-point which is another thing I look for.If the next TRIX bar is longer then the the previous bar and still below mid-point that will confirm the bearish condition.
I don't look at volume that much as other indicators.You often hear analyst say that " the market is going up but on low volume", but the important thing is that the market is going up, low volume or not. There are instances were I do look at volume, 2 in particular.One is when prices are at extreme levels, you'll often see above average volume spikes also known as exhaustion volume.The other is at breakouts and breakdowns. One volume indicator I like is the EFI(Elder Force Index). This indicator is a VOLUME and PRICE indicator.